Maritime Resources Corp. (TSX-V: MAE) is pleased to announce additional assay results from its ongoing exploration program at the Hammerdown Gold Project located near the towns of King’s Point and Springdale, Newfoundland and Labrador. Two diamond drill rigs are currently active at the Project completing infill and step out exploration on key targets at all deposits including Hammerdown, Orion and the Lochinvar VMS zone.

Highlights

• Hammerdown Gold Deposit
  • 9.46 gpt Au and 2.01 gpt Ag over 2.3 m, including 59.43 gpt Au and 45.90 gpt Ag over 0.4 m in drill hole MP-20-140
• Orion Gold Deposit
  • High grade interval of 26.2 grams per tonne (“gpt”) Au and 1.7 gpt Ag over 4.0 meters (“m”), including 96.43 gpt Au and 5.97 gpt Ag over 1.1 m in newly identified structure in drill hole BB-20-116
  • 1.78 gpt Au over 32.2 m, including 5.89 gpt Au over a width of 5.2 m starting 8.0 m below surface in drill hole BB-20-107
  • 1.28 gpt Au and 0.24 gpt Ag over 25.8 m, including 3.93 gpt Au and 0.51 gpt Ag over 4.2 m in hole BB-20-99
• Lochinvar VMS Zone
  • 0.85 gpt Au, 150.9 gpt Ag, 0.73% Cu, 3.33% Pb and 7.62% Zn over 11.6 m, including 0.74 gpt Au, 210.7 gpt Ag, 2.03% Cu, 10.64% Pb and 23.83% Zn over 2.5 m in drill hole GA-20-25

“Over the past few weeks our exploration program has begun branching out from our main Hammerdown gold deposit to test key targets along the 5 kilometre SW-NE geological trend to identify new sources of mineralization that could add value to Hammerdown Gold Project.

At the Orion deposit, located 1.5 kilometres SW of Hammerdown, recent drilling continues to define a wide zone of shallow mineralization amenable to open pit mining and a potentially new style of structurally controlled, high grade mineralization containing visible gold. We intend to follow up on these intersections with step out drilling to further evaluate these opportunities,” commented Garett Macdonald, President and CEO.

“To the east of Hammerdown, the Lochinvar VMS zone was drill tested and retuned two significant intersections of high-grade massive sulphide mineralization including gold, silver, copper, lead and zinc. Lochinvar is an interesting target that is open in all directions. A new airborne VTEM and ZTEM survey is planned this month to cover both Hammerdown and Whisker Valley projects,” continued Mr. Macdonald.

Orion Gold Deposit

New diamond drilling at the Orion deposit returned high grade gold values which are significantly higher than historical drilling in the area. Drill hole BB-20-116 intersected two sulphide rich quartz veins contained within a mafic schist zone that returned 26.2 gpt Au and 1.7 gpt Ag over a width of 4.0 m. Visible gold was noted in the mineralized core. It is not clear at this point if this high-grade intersection is the historical discovery zone or another parallel mineralized vein system. Further drilling is planned to determine the extent of the high-grade intersection.

Additional drilling at Orion has also outlined two broader mineralized intersections than previously reported by historical drilling in the area. Drill hole BB-20-99 intersected 1.28 gpt Au and 0.24 gpt Ag over a width of 25.5 m, including 3.93 gpt Au and 0.51 gpt Ag over 4.32 m. A second drill hole, BB-20-107 intersected a near surface interval of 1.78 gpt Au over 32.2 m, including 5.89 gpt Au over a width of 5.19 m. These wider mineralized intersections are a result of a more intense sampling protocol than historical work and serves to highlight the potential for wide sections of lower grade mineralized sections in the deposit that may be conducive to open pit mining.

Lochinvar VMS Zone

Maritime tested the Lochinvar horizon with 11 drill holes between August and September 2020. All drill holes intersected the Lochinvar horizon with six holes noting several massive sulphide lenses varying in thickness from 0.10 m to 2.78 m in thickness. Assay results have been returned from 3 of the 11 holes completed. Highlights from this program include drill hole GA-20-25 which intersected three closely spaced massive sulphide lenses from 88.64 m to 100.30 m down the hole ranging in width from 0.44 m to 2.78 m. This significant intersection returned an interval grading 0.85 gpt Au, 150.9 gpt Ag, 0.73% Cu, 3.33% Pb and 7.62% Zn over a width of 11.6 m, including 0.74 gpt Au, 210.7 gpt Ag, 2.03% Cu, 10.64% Pb and 23.83% Zn over 2.78 m. Further down this same hole, a second lens was encountered at 153.63 m with a 5.37 metre wide interval grading 1.10 gpt Au, 78.43 gpt Ag, 0.76% Cu, 2.20% Pb and 6.16% Zn, including 1.89 m grading 1.88 gpt Au, 126.85 gpt Ag, 0.98% Cu, 4.27% Pb and 11.72% Zn.

The Lochinvar VMS zone is located approximately 800 m northeast from the Hammerdown deposit. Two steeply plunging, massive sulphide lenses have been traced from surface to approximately 200 m below surface where they remain open. The mineralization consists of heavily disseminated to massive sphalerite, galena, chalcopyrite and pyrite with lesser barite and significant tennantite and electrum. It occurs within a steeply-dipping, strongly sericitized, carbonatized and locally chloritized, soda-depleted (0.2% Na²0), schistose felsic volcanic package up to 75 m thick. The altered felsic package is separated from an underlying undeformed mafic volcaniclastic unit by the Captain Nemo Fault and is overlain by a unit of aphyric, green andesite/dacite fragmental rocks.

Figure 1: Plan view map of Hammerdown, Orion and Lochinvar projects

Figure 2: Lochinvar Cross Section 555830

Figure 3: Orion Cross Section 553724

Table 1. Summary of Assay Results

Table 2. Drill Hole Details

Warrant Expiry Date

In November 2018, the Company issued common share purchase warrants and finder’s warrants (collectively the “2018 Warrants”), which under the terms of the 2018 Warrants are scheduled to expire on November 7, 2020 at 4:30 p.m. PST. Since November 7, 2020 falls on Saturday, a non-business day, in accordance with the Interpretation Act (BC), the Company will interpret and treat the 2018 Warrants as expiring on Monday, November 9, 2020, the next day the office is open during its regular business hours. Approximately 17 million 2018 Warrants remain outstanding and will expire, if unexercised, on Monday November 9, 2020 at 4:30 p.m. PST.

Share Issuance

On November 3, 2020, Maritime issued 150,000 common shares to Canaccord Genuity Corp. as full consideration for financial advisory and consulting services provided by Canaccord to the Company pursuant to an Advisory Services Agreement.

Analytical Procedures

All samples assayed and pertaining to this press release were completed by Eastern Analytical Limited located at Springdale, Newfoundland and Labrador. EAL is an ISO 17025:2005 accredited laboratory for a defined scope of procedures. EAL has no relationship to Maritime. Samples are delivered in sealed plastic bags to EAL by Maritime field crews where they are dried, crushed, and pulped. Samples are crushed to approximately 80% passing a minus 10 mesh and split using a riffle splitter to approximately 250 grams. A ring mill is used to pulverize the sample split to 95% passing a minus 150 mesh. Sample rejects are securely stored at the EAL site for future reference. A 30-gram representative sample is selected for analysis from the 250 grams after which EAL applies a fire assay fusion followed by acid digestion and analysis by atomic absorption for gold analysis. Other metals were analyzed by applying an acid digestion and 34 element ICP analysis finish. EAL runs a comprehensive QA/QC program of standards, duplicates and blanks within each sample stream.

About Maritime Resources Corp.

Maritime holds a 100% interest in the Green Bay Property, including the former Hammerdown gold mine and Orion project plus the Whisker Valley exploration project, all located near the Baie Verte Mining District and King’s Point, Newfoundland and Labrador. The Hammerdown Gold Deposit is characterized by near-vertical, narrow mesothermal quartz veins containing gold in pyrite. Hammerdown was last operated by Richmont Mines between 2000-2004 producing 143,000 ounces of gold at an average mine grade of 15.7 gpt gold through a combination of narrow vein open pit and underground mining.